p13 24a summerborn manufacturing co completed the following transactions during 2012 500619

Summerborn Manufacturing, Co., completed the following transactions during 2012:

Jan 16 – Declared a cash dividend on the 5%, $100 par preferred stock (900 shares outstanding). Declared a $0.30 per share dividend on the 80,000 shares of common stock outstanding. The date of record is January 31, and the payment due date is February 15.

Feb 15 – Paid the cash dividends.

Jun 10 – Split common stock 2 for 1. Before the split, Summerborn had 80,000 shares of $6 par common stock outstanding.

Jul 30 – Distributed a 50% stock dividend on the common stock. The market value of the common stock was $9 per share.

Oct 26 – Purchased 1,000 shares of treasury stock at $13 per share.

Nov 8 – Sold 500 shares of treasury stock for $15 per share.

Nov 30 – Sold 300 shares of treasury stock for $8 per share.

Requirement

1. Record the transactions in Summerborn’s general journal